A hedge fund manager who uses IOI Training Courses for its incoming analysts asked me if I could assign a case study covering sports apparel maker Under Armour (UA, UAA).

One of the interesting aspects of Under Armour is its three-level share class structure, and another IOI member brought up the possibility of some sort of arbitrage opportunity between the two listed share classes, tickers UA and UAA.

When I mentioned this multiple-share structure to the hedge fund manager, he sent through a copy of Under Armour’s founder, Kevin Plank’s, letter to shareholders about the reasoning behind the structure.

I’m passing this letter along to readers. IOI Members will be able to discuss this letter, the “Focus Report” I published in the Members’ Research section, and any new research I publish on this company, in our weekly IOI Office Hour sessions.

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